Crude oil breaches the resistance – Analysis - 19-05-2017

Crude oil price rallied bullishly yesterday to breach 49.40 level and settled with a daily close above it, which activates the bullish trend scenario on the intraday and short term basis, opening the way to head towards positive targets that start at 52.80 and extend to the previously recorded top at 55.27.

Therefore, the bullish bias will remain suggested in the upcoming sessions supported by the EMA50, noting that holding above 48.37 represents the most important condition to achieve the suggested targets.

Expected trading range for today is between 49.00 support and 52.00 resistance.

Expected trend for today: Bullish